CW_Trades

Bitcoin Weekly: Bearish Harami/Hammer Candle

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The weekly chart for Bitcoin shows that the current weekly candle has a body that is completely within the body of the previous weekly price candle which makes it a bearish harami. The current weekly candle is also a hammer candle which tend to signal the end of an uptrend, especially on the longer timeframe charts such as this weekly chart. The current weekly candle doesn't end for another six hours, but in order to negate the current bearish candle structure we would need to see price rise and hold above $8,388 before the end of the day which doesn't look likely given the lack of volume recently. Looking at this chart leads me to believe that the triangle/pennant pattern on the daily chart is going to break bearish . COINBASE:BTCUSD
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